| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 22 December 2020 |
| Pathway(s) | Significant business assets |
| Investment | Acquisition of 49% of the units in the BASS NZ Head Trust. Acquisition of 49% of the shares in BASS NZ Management Pty Ltd in its capacity as trustee of the BASS Head Trust. |
| Asset Value | $261,660,000 |
| Applicant | Bieson Pty Limited as trustee of the CH Dartmouth NZ Investment Trust Australia (64.79%) United Kingdom (6.89%) United States of America and Canada (11.41%) Europe (2.7%) Asia (4.58%) Various (9.65%) |
| Vendor | BP Oil New Zealand Limited United States of America (44%) United Kingdom (28%) European Union (14%) Asia (5%) Various (9%) |
| Background | Bieson Pty Limited, the trustee of Australian unit trust CH Dartmouth NZ Investment Trust and subsidiary of the Australian investment group Charter Hall Limited, was granted consent to acquire a 49% passive ownership interest in entities that own non-sensitive land currently owned by BP Oil New Zealand Limited. The land consists of 70 service station sites across New Zealand operated by BP. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | David Butler Russell McVeagh PO Box 8 AUCKLAND 1140 |